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Debit Priya Corporation acquired 100 percent of Sheldon Company stock on January 1, 2021 for $965,000 cash. Following are pre-closing trial balance amounts for Priya Corporation and Sheldon Company as of December 31, 2021 SHELDON CORPORATION Credit PRIYA CORPORATION Credit Cash $751,800 Accounts Receivable 294,000 Inventory 473,000 Investment in Sheldon Corp. 1,243,100 Buildings 625,000 Land 807,000 Equipment 315,000 Debit $318,700 197,000 210,000 292,500 291,000 345,000 Cost of Goods Sold 342,000 211,000 Depreciation Expense, Building 58,600 Depreciation Expense, Equipment 41,300 Selling & Administrative Expense 159,000 Dividends Declared 60,000 Accumulated Depreciation, Bldg Accumulated Depreciation, Equip 18,600 24,700 119,600 40,000 $243,400 $55,800 156,200 74,100 Accounts Payable Bonds Payable Common Stock ($1 par) Additional Paid In Capital Retained Earnings (01/01/2021) 178,000 172,800 540,000 108,400 659,000 315,000 1,525,800 415,000 788,500 235,000 Sales 760,800 692,000 Income from Sheldon Corp. 318,100 $5,169,800 $5,169,800 $2,068,100 $2,068,100 L THE JOURNAL ENTRY INCLUDES A DEBIT TO 'INVESTMENT IN SHELDON CORP. AND A CREDIT TO CASH IN THE AMOUNT OF: 965000 DURING 2021: ACCRUAL OF SHELDON'S REPORTED NET INCOME: INCLUDES A DEBIT TO INVESTMENT IN SHELDON CORP. AND A CREDIT TO INCOME FROM SHELDON CORP. IN THE AMOUNT OF: 0 DURING 2021: ACCRUAL OF DIVIDENDS FROM SHELDON CORP: INCLUDES A DEBIT TO CASH (OR DIVIDENDS RECEIVABLE) AND A CREDIT TO INVESTMENT IN SHELDON CORP. IN THE AMOUNT OF: 751800

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